SCIL’s mall valuation rises to $128m despite retail headwinds

7th April 2026 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Shopping Centre Investments Limited has lifted its Hornby retail asset valuation to $128m, with tenant activity and lower debt helping to offset softer trading.

The owner of The Hornby Hub mall in Christchurch said in a shareholder update this week that it was pleased to see the increase in valuation from $126.5m to $128m as at 28 February during a challenging time for retail.

“Retail trading conditions have been difficult nationwide for the quarter under review and for the mall there has been the impact of the opening of the new Pak’nSave supermarket at Rolleston,” SCIL chair Michael Keyse said.

“This impact has been reflected in a reduction in the foot count and the centre turnover for the past three months. These decreases were anticipated and are of manageable proportions.”

SCIL has reported rental income up 3.3% to $10.27m in FY25, while its interim results for the six months to 31 August showed rent rising a further 7.9% year-on-year to $5.17m.

The landlord said that trading at The Hornby Hub has been positive with its larger tenants recording good trading results, although fashion retailers have struggled.

“Vacancies are of concern, these being due to outside national corporate decisions rather than any negative aspects inherent within the complex,” Keyse said.

“We are in negotiation with a successful nationwide leasing agency to complement our existing professional contract with Colliers.

“This has been mutually agreed to and we are confident that this multi-faceted approach will achieve positive results.”

Keyse said Colliers continued to be “innovative and proactive”, with lease renewals and reviews up-to-date with timely completion rates.

Recent activity at the mall included new fit-outs by banking tenants, which SCIL said showed an ongoing commitment to physical retail despite wider industry narratives around branch closures.

“The board has recently authorised the commencement of physical improvements to the complex and these include new respite seating to the corridor leading to Farmers, new and improved signage, changes to carpark facilities, and improvements to the main entrance facing the Main South Road.”

SCIL said it has reduced its term loan balance to below $60m through ongoing principal repayments, while benefiting from stabilising floating interest rates following cuts that began in March 2025.

The company has also restructured its hedging position, entering into a new two-year swap maturing in February 2028, taking its total swap facilities to $30m. 

It declared total dividends of 4.125 cents per share for the year to 31 March 2026 and said its audited financial statements for the year to 28 February 2026 were nearly complete.

However, SCIL flagged ongoing concerns around share liquidity and indicated shareholders will be asked to consider “resolutions and content of some significance” at its annual general meeting.